FRANCE- Multi manager SEI Investments has bought Crédit Commercial de France’s 50% share of their two-year-old joint venture, CCF-SEI Investments.
Following the acquisition, Paris-based CCF-SEI Investments becomes SEI Investments (France) and Patrick Serre, previously CEO of the joint venture, will continue as managing director of the new company.
Serre will work closely with Alejandro Kerschen who transferred from New York to London in March to build SEI’s third party distribution in Europe.
The new venture will offer manager of manager investment to French institutional clients and will team up with local financial services companies to supply the retail and high net worth individual markets.
Says Joe Ujobai, managing director of SEI Investments in Europe, “given the increasing demand for multi management in Europe, we have taken the decision to develop an independent presence on the continent, starting with a wholly-owned office in France.”
SEI says it will continue to work with CCF through a distribution agreement and to run a series of risk-profiled funds for CCF’s retail distribution network.
In addition to its presence in France, SEI has Italian partnerships with Mediolanum and Bipiemme, Banca Popolare di Milano’s investment management operation.